(MENAFN - ProactiveInvestors - Australia) AusTex Oil (ASX: AOK) will showcase its growing U.S. oil and gas production, which grew by 20% over the last quarter to an average of 330 barrels of oil equivalent per day (boe/d), at the "Stars in 2012 Series" in Sydney on Wednesday 28th November 2012.
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The increased production has resulted in gross sales of US1.4 million for the September 2012 quarter, up 33% on the previous quarter.
Production is also set to grow further with after hitting 500boe/d net in the last week of September, while the company's vertical well development program targeting the Mississippi Lime formation in the Snake River project, Oklahoma, continues to deliver two new wells each month.
AusTex's first horizontal well targeting the Mississippi Lime has also proven highly successful, delivering a 67% return on investment within the first 90 days and the company has committed to participating in additional horizontal wells.
Balder 1-30N had produced oil and gas at an average rate of 839boe/d during this period.
The company also has current proved and probable reserves of 5.9 million barrels of oil AusTex has 2P Reserves of 5.9m BOE and a 2P 10% NPV est. of 288m.
With interests in 23,000 net acres of Mississippi Lime leases, AusTex still has strong potential to keep growing its production.
THE EVENT
The One2One Forum brings you five exciting companies presenting.
The event is FREE, but registration IS A MUST.
DETAILS: The event will be held on Wednesday 28th November at the Radisson Blu Hotel, corner of Pitt and O'Connell Street, Sydney from 5.30pm.
The event will be followed by a wine and canap reception where you can interact with the presenting MDs & CEOs.
LUCKY DOOR PRIZE: All attendees instantly go into the draw to win 1 of 3 lucky door prizes (including early prize) drawn on the night: a 100 Apple voucher (early bird prize), a 100 voucher for Radisson Blu Hotel, or a 100 Ticketek voucher.
FULL PRESENTER LIST
Pancontinental Oil & Gas (ASX: PCL) holds petroleum exploration acreage in Kenya, a growing hotspot for the oil and gas industry as well as assets in Namibia, and Western Australia.
Titan Energy Services (ASX: TTN) provides a range of energy services including drilling, camp hire and remote camp management, to the coal seam gas industry. Long term contracts have being reached with three of the four major coal seam gas developers for its drilling rigs.
Ezeatm (ASX: EZA) is the largest ASX-listed ATM deployer and is continuing along a rapid growth path, following preferred supplier agreements with Metcash and the DIB Group of companies.
Eastern Iron (ASX: EFE) is targeting iron ore on the infrastructure-rich, eastern seaboard, which is home to the bulk of Australia's industrial capacity, population, workforce and markets.
AusTex Oil (ASX:AOK) produced 500 bpod oil Net Production in the last week of September, with gross sales for the qtr US1.4m, up 33% on June qtr. The 2012 Vertical Well development program is delivering two new wells per month. AusTex has 2P Reserves of 5.9m BOE and a 2P 10% NPV est. of 288m.
